CRANSTON – The Office of the Health Insurance Commissioner approved health insurance premium rates for 2018 Thursday. OHIC’s reductions of approval rates versus requested rates is estimated to save Rhode Islanders $16.7 million.
The calculations for premium rate increases are an average premium increase to consumers before a reflection of age and benefits chosen.
OHIC noted that Rhode Island premium rate increases are driven by double-digit annual increases for prescription drug costs, higher hospital outpatient use than in recent years and the reinstatement of the federal health insurance tax, which adds up to 2 percent to most premiums.
Individual market rate summary:
Blue Cross & Blue Shield of Rhode Island: 12.1 percent, a reduction from the requested 13.9 percent 2018 increase
Neighborhood Health Plan of Rhode Island: 5 percent
Small-group market rate summary:
BCBSRI: 7.3 percent, a reduction from 8.6 percent requested
NHPRI: 6.3 percent
UnitedHealthcare HMO: 8.1 percent, a reduction from the 12.8 percent requested 2018 rate increase
UnitedHealthcare PPO: 8.1 percent, a reduction from the 12.8 percent requested 2018 rate increase
Tufts Health Plan HMO: 6 percent
Tufts Health Plan PPO: 6.5 percent
Large-group market summary:
BCBSRI: 10.5 percent, a reduction from the requested 11.9 percent increase to premium rates for 2018
UnitedHealthcare: 8 percent, a reduction from the 10.3 percent requested premium rate increase for 2018
Tufts Health Plan HMO: 9.8 percent
Tufts Health Plan PPO: 10.4 percent
Chris Bergenheim is the PBN web editor.
